ValueAct Capital Management, L.P. 13F holdings and portfolio analysis
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Baseline
분석 메시지이 펀드에 대한 사전 생성된 Q&A. 자신의 분석을 위한 참조 컨텍스트로 사용하세요.
Following Baseline means accepting the manager's disclosed sizing almost directly. Here that means high concentration in a short list of holdings: top 5 56.98%, top 10 91.88%, top 20 100.02%, with CRM 11.98%, AMZN 11.82%, RKT 11.51%, BLK 11.23%, META 10.44%, V 9.09%. The baseline result is return 13.29%, alpha 0.05%, beta 1.06, Sharpe 0.67, Sortino 0.86, max drawdown -42.37%. That is the right reference case, but it is not automatically the safest case because the largest names and sector mix (Financials 36.13%, Communication Services 24.81%, Information Technology 20.89%, Consumer Discretionary 14.03%) still dominate the realized path.
The period rows show the character of the baseline. The strongest relative period was 2024-06-30 (25.79% vs SPY 9.83%, excess 15.96%, turnover 40.13%); the weakest was 2022-12-31 (-9.18% vs SPY -0.25%, excess -8.92%, turnover 26.82%). The latest rows (2025-03-31 (1.26% vs SPY 9.22%, excess -7.96%, turnover 35.68%); 2025-06-30 (-2.53% vs SPY 4.20%, excess -6.73%, turnover 39.51%); 2025-09-30 (3.08% vs SPY 1.49%, excess 1.59%, turnover 18.59%)) show whether recent results are confirming or reversing the long-term profile.
Before accepting Baseline, I would inspect three things: whether CRM 11.98%, AMZN 11.82%, RKT 11.51%, BLK 11.23% still have current theses, whether recent changes such as no large named moves and no large named moves indicate a shift, and whether max drawdown of -42.37% is acceptable for the user's risk budget.